The Study On The Correlation Between Listed Company Social Responsibility Information Disclosure And Its Value

With the increasingly strong economy and the continuous improvement of the enterprise social responsibility consciousness,"to fulfill social responsibility" has been recognized as one of the core contents of soft competitiveness. To release "SA8000" standards is said that it is the international trend to actively fulfill social responsibility and disclosure of relevant information for our enterprise. But," the China enterprise society responsibility report " issued by the Chinese academy of social sciences in2011showed that the sense of our corporate social responsibility in China is weak, and nearly seventy percent of the enterprises don't publish formally independent social responsibility report. The causes of phenomena may be part of enterprise thought disclosure of the bad social responsibility information will lose investors and creditors and the good graces of stakeholders. In view of this, this article refer to the existing research results at home and abroad, according to the listed company of social responsibility report issued by the status quo, and found that the relationship between the domestic listed companies now disclosure social responsibility information and its value, the relationship between the listed companies in China to actively disclosure social responsibility to provide reference information, and thus promote the enterprise to social responsibility. The author is in China's social responsibility of the enterprise development reference index, combined with SA8000and GRI social responsibility index system and other related standard, using of the existing theory a corporate social responsibility information revelation content of scope, and will index method as a measurement of the listed companies in China social responsibility information disclosure of scoring method. First use to collect and arrangement of the listed company in2010after social responsibility report (came on the Shanghai stock exchange's official website), and using the index method rate to samples that after screening and sums up. Then this paper using Tobin's Q value measure of enterprise value, tried to establish multiple regression model, the use of SPSS software for data by descriptive statistical analysis and empirical test, in final found that the consistent assumptions of this paper is inconformity with the conclusion. Based on the positive test results shows that in a short time the listed companies in China for social responsibility information disclosure and its value has a weak negative related; and from a long-term perspective, for the relation between the two will were positively correlated. It shows that China's listed companies to disclose the social responsibility of the general status information is not good, may very well be the external environment of our country is not enough good, the lack of guidance and supervision, investors do not pay attention to the social responsibility of the limited company disclosure of information included in the limited company itself effective information and no consciousness to active disclosure and full disclosure of social responsibility for limited company information about potential benefits.